Billionaire hedge fund manager Ken Griffin has donated US$40m (€36.6m, £26.9m) to New York’s Museum of Modern Art (MoMA), one of the largest gifts in the institution’s 86-year history.

The museum says that the unrestricted gift will be used provide education and exhibitions of modern and contemporary art. As a gesture of gratitude, the museum has said it will rename its 1964 Philip Johnson-designed East Wing after Griffin.

“We are thrilled by Ken Griffin's generosity, enthusiasm, and appreciation for the Museum of Modern Art," said director Glenn D. Lowry. “His commitment to our mission and vision is truly extraordinary."

Griffin, who is Illinois’ richest man, has been a long-time supporter of the arts, recently making a US$10m (€9.1m, £6.7m) donation to the Museum of Contemporary Art in Chicago, while also occupying seats on the Board of Trustees for the Art Institute of Chicago, the Museum of Contemporary Art, and New York’s Whitney Museum.

“It is an honor to support MoMA, one of the most vibrant, exciting, and high-impact cultural institutions in the world," said Griffin. “It is my hope that visitors, artists, and students from around the world will experience all that MoMA has to offer for generations to come."